## IMF Management Approves the First Review of the Staff-Monitored Program with Mali

_IMF News, December 18, 2025_

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## Bibliographic details
- Published: December 18, 2025

---

### Overview
- Management of the International Monetary Fund (IMF) approved on December 15, 2025 the first review of Mali’s Staff-Monitored Program (SMP).
- Press Release date: December 18, 2025.
- The SMP: 11-months, approved in March 2025, aims to ensure fiscal sustainability, strengthen governance and public financial management, and protect the most vulnerable.
- SMPs are agreements between member countries and IMF staff to monitor the member country’s economic program and re-establish a track record of reform implementation that could pave the way for financial assistance from the Fund under the Upper Credit Tranche (UCT).

### Economic developments and outlook
- 2025 headwinds and causes:
  - Fuel supply disruptions caused by terrorist attacks.
  - Reduced gold production.
  - Recurrent power outages.
  - Reduced development and humanitarian assistance.
- 2025 macro projections:
  - Growth is projected to slow to 4.1 percent in 2025.
  - Inflation is expected to be near 3 percent in 2025.
- 2026 outlook:
  - Economy expected to start to recover in 2026, supported by a pickup in gold production and a gradual improvement in security situations.
  - GDP growth is forecast to reach 5.5 percent in 2026.
  - Inflation should ease to 2.5 percent in 2026.
- Risks:
  - Many economic headwinds are likely to persist in the coming months.
  - Significant downside risks persist.

### Program implementation and governance
- Implementation assessment:
  - Program implementation under the SMP has been broadly satisfactory amid a challenging environment.
  - Authorities achieved nearly all quantitative and indicative targets for end-September.
  - Authorities achieved all structural benchmarks.
- Transparency and use of IMF resources:
  - Authorities remain committed to the transparent use of the IMF’s April 2025 Rapid Credit Facility disbursement.
  - Authorities have published the first quarterly report on the use of these resources, along with detailed procurement information — including selection processes and beneficial ownership.

### Fiscal stance, financing, and constraints
- Fiscal policy:
  - Fiscal policy remains appropriate but is constrained by the difficult security environment and limited external financing.
  - The draft 2026 budget envisages a fiscal deficit within the West African Economic and Monetary Union (WAEMU) 3-percent-of-GDP criterion.
  - Fiscal consolidation is underpinned by strong domestic revenue mobilization efforts and prudent control of current spending.
- Constraints and vulnerabilities:
  - Fiscal space remains constrained due to security challenges, limited budget support and high debt-service obligations.
  - Need to preserve space for public investment and protection of vulnerable households.

### Policy priorities and recommendations
- Immediate priority:
  - Resolve fuel supply disruptions to help stabilize economic activity and ease pressures on households and businesses.
- Continued SMP support and reform priorities:
  - Implement a prudent fiscal policy to safeguard sustainability amid challenging financing conditions and high borrowing costs.
  - Broaden the tax base and strengthen tax and customs administration.
  - Improve the efficiency of public spending.
  - Address vulnerabilities in state-owned enterprises.
  - Preserve space for public investment and protect vulnerable households.

### Media contact
- IMF Communications Department, MEDIA RELATIONS
  - PRESS OFFICER: Kwabena Akuamoah-Boateng
  - Phone: +1 202 623-7100
  - Email: MEDIA@IMF.org
  - @IMFSpokesperson

*Source: IMF Press Release No. 25/432 (December 18, 2025).*

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## References

- [Mali and the IMF](http://www.imf.org/external/country/MLI/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [Staff Monitored Program](https://www.imf.org/en/about/factsheets/sheets/2023/staff-monitored-program-smp)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2025/12/18/pr-25432-mali-imf-approves-1st-rev-of-staff-monitored-program_